Slide 1: 2018 Full Year Results
2018 Full Year Results 15 FEBRUARY 2019
Slide 2: Highlights 2018
Highlights 2018 SAFETY & TRIR: 0.35 ENVIRONMENT Upstream GHG intensity: -6% vs 2017 UPSTREAM New production record: 1.85 Mboe/d (+2.5% vs 2017 price adj) New Resources: > 600 mln boe; UEC $ 1.5/bbl Reserves Repl. Ratio (all sources): 124% MID-DOWNSTREAM G&P: EBIT adj € 544 mln, + 154% vs 2017 R&M an
Slide 3: Expanding Footprint in the Gulf
Expanding Footprint in the Gulf Sharjah NET ACREAGE Bahrain 70,000 Km2 EXPLORATION 3 Bln Boe Hydrocarbon risked potential Oman LONG TERM PRODUCTION ~400 KBoed EQUITY OVERALL REFINING CAPACITY + 35 % Abu Dhabi 3
Slide 4: ADNOC refineries - 20% acquisition
ADNOC refineries - 20% acquisition Abu Dhabi (Jan 2019) Adding 185 kbbl/d Eni total capacity around 730 kbbl/d Excellent production yield almost zero fuel oil Further optimization from higher crude flexibility & efficiency Trading Joint Venture ~70% of throughput exported Halving Eni Refining
Slide 5: E&P Production
E&P Production Equity Production kboe/d HIGHLIGHTS + 1.9% vs 2017 (+2.5% price adj) 1,851 1,816 Zohr current production > 2 billion cubic feet/d 5 main start ups 1,598 6 FID 2014 2017 2018 CAGR 2014-2018 3.7% 5
Slide 6: Proved Reserves
Proved Reserves Bln boe -0.2 0.3 -0.7 0.7 7.2 7.0 7.0 RRR organic: 103% RRR all sources: 124% RRR organic: 100% Life index: 10.5 years Life index: 10.6 years Reserves at YE Production Net Additions Reserves at YE Disposals Acquisitions Reserves at YE 2017 2018 2018 2018 2018 @ $ 54/bbl @ $ 71/bbl @
Slide 7: E&P results
E&P results EBIT adj| € bln CFFO| € bln + 55% 12.9 + 110 % 10.9 8.3 Capex 6.6 Capex 6.6 5.2 FY 2017 FY 2018 FY 2017 FY2018 Brent $/bbl 54 71 Brent $/bbl 54 71 7 CFFO per boe $ 22.5
Slide 8: Mid-Downstream performance
Mid-Downstream performance EBIT| € mln HIGHLIGHTS 2018 1,205 • LNG Contracted Volumes 8.8 MTY (+ 70% vs 2017) R&M 924 531 • G&P Retail clients +6% vs 2017 390 Gas & • R&M strong performance in Marketing Power 214 • Versalis resilient in a severe scenario 544 Versalis 460 CFFO € 1 bln -10 2017 2018 8
Slide 9: Cash balance and leverage
Cash balance and leverage 2018 Cash balance| € bln 16 DISPOSALS Excess Cash 14 €3.8 bln Cash Neutrality 12 ACQUISITIONS CFFO* = CAPEX + DIV 10 8 DIVIDEND @ $ 52 /bbl 6 CFFO* CAPEX 4 2 2018 YE Leverage 16% 0 SOURCES USES CFFO Disp Capex Dividend Acq 9 * Including Zohr deferred cash in
Slide 10: A fast transformation
A stronger company in 4 years PRODUCTION vs TOTAL CAPEX ORGANIC FCF vs NET DEBT Brent $/bbl 99 71 10 A fast transformation
Slide 11: BACK UP
BACK UP 11
Slide 12: Market scenario
Market scenario Brent ($/bbl) Exchange rate ($/€) 71.0 1.18 54.3 1.13 2017 2018 2017 2018 European gas prices (€/kcm) SERM ($/bbl) Cracker margin (€/ton) 260 243 386 211 183 5.0 344 3.7 2017 2018 2017 2018 2017 2018 12 PSV TTF